I received a message yesterday evening from a follower who had secured a Bounce Back Loan from NatWest back in the first few weeks of the scheme, in which they told me that they had just received a “Letter of Demand” from the bank informing them that an “Event of Default” had occurred, and they want the money back. […]
Whilst I know many of you have failed to get one Bounce Back Loan, some people have had lots of them, and today I will be taking a quick look at the background to one such person, who managed to bag 36 BBL’s. […]
The one question I did get asked a lot during the lifetime of the Bounce Back Loan scheme, was “shall I transfer it out” when the funds finally dropped into an applicant’s bank account. Now you may ask yourself why someone who had just secured a Bounce Back Loan would want to move it to another account, well one reason was many banks had acquired a track record for approving BBL’s, paying them out to customers then out of the blue snatching them back. […]
For those of you struggling to make sense of the Pay as Your Grow Options, I have put together this hopefully easy to follow guide that will enlighten you on what options are available, when you will be offered them, and how you can take them, and the differences in the total amount you will have to pay on each option too. […]
I know many of you have heard stories about bank accounts being closed, and even worse people receiving letters from their bank demanding immediate repayment of their Bounce Back Loans. With that in mind below I will be giving you an insight into just how blunt those letters can be […]
The rules of the Bounce Back Loan scheme did of course keep on getting changed as the scheme progressed and lockdowns continued.
However, when the scheme initially launched there was no system in place for a lender to check if one business owner had applied for and had been approved for and then had been paid out a Bounce Back Loan for their business. […]
HSBC have released some impressive figures regarding the number of Bounce Back Loans they did approve during the timeline of that scheme, however for plenty of SME’s applying for one of those loans with that bank, well they experienced a nightmare journey, as you will discover below. […]